San Francisco: Tesla CEO Elon Musk on Thursday revealed his ambitious plan to take over Twitter which will see $25.5 billion in loans and $21 billion in equity, bringing the final offer to $46.5 billion. .
In a new filing with the U.S. Securities and Exchange Commission (SEC), Musk said the funding is being provided through two debt commitment letters from Morgan Stanley Senior Funding, in which the bank agrees to offer a series of loans worth $25.5 billion.
The remaining $21 billion will be managed by Musk alone, reports The Verge.
“Notably, the filing does not list any financial partner to share the cash burden with Musk,” the report said.
The filing also made it clear that Twitter did not officially respond to Musk’s offer.
“The Reporting Person is seeking to negotiate a definitive agreement for the Reporting Person’s acquisition of Twitter and is prepared to begin such negotiations immediately,” the new filing reads.
A Twitter spokesperson said the company received Musk’s offer and said it would give “careful and thorough consideration,” the report noted.
“We have received Elon Musk’s updated, non-binding proposal, which provides additional information regarding the original proposal and new information on potential funding,” the spokesperson said.
Musk, who disclosed ownership of Twitter in an SEC filing earlier this month, has a 9.1% stake in the platform, which is currently worth more than $3 billion.
The billionaire is willing to pay $54.20 per share to buy 100% of the company.
Twitter announced that its board of directors had unanimously adopted a time-limited shareholder rights plan following an unsolicited, non-binding proposal to acquire Twitter by Musk.
Musk also tweeted “Love Me Tender”, an Elvis Presley song, after Twitter adopted the “poison pill” strategy to prevent him from buying the platform by force.